Discuss about any latest news or current affairs in Singapore or globally. Please DO NOT copy and paste news articles from other sources without written permission.
-
Wd40
- Director
- Posts: 4591
- Joined: Tue, 04 Dec 2012 10:53 am
-
Answers: 1
- Location: SIndiapore
-
Quote
-
0
login to like this post
Post
by Wd40 » Mon, 25 Feb 2013 8:54 pm
I just read that personal income taxes will be reduced by way of rebate of 30% rebate capped at $1500.
Even the income tax calculators have been updated in the IRAS site so fast.
With the spouse relief and child relief my income tax for last year will be just 4%.
I love you Singapore. I love you Tharman!
Last edited by
Wd40 on Mon, 25 Feb 2013 9:35 pm, edited 1 time in total.
-
Wd40
- Director
- Posts: 4591
- Joined: Tue, 04 Dec 2012 10:53 am
-
Answers: 1
- Location: SIndiapore
-
Quote
-
0
login to like this post
Post
by Wd40 » Mon, 25 Feb 2013 9:32 pm
The interesting thing about the Singapore income tax rates and the rebate is that as long as you taxable income after deducting all reliefs, is 90k or below, your income tax rate will be 3% or lesser.
But any incremental earnings above 90k gets taxed at 11.5%! I know majority of the working class locals or foreigners dont make 90k, so they are really paying peanuts for taxes in comparison to other countries!
Last edited by
Wd40 on Mon, 25 Feb 2013 9:40 pm, edited 1 time in total.
-
movingtospore
- Reporter
- Posts: 699
- Joined: Thu, 23 Jul 2009 2:14 am
-
Quote
-
0
login to like this post
Post
by movingtospore » Mon, 25 Feb 2013 9:38 pm
For foreigners too or have they introduced two tiers?
-
Wd40
- Director
- Posts: 4591
- Joined: Tue, 04 Dec 2012 10:53 am
-
Answers: 1
- Location: SIndiapore
-
Quote
-
0
login to like this post
Post
by Wd40 » Mon, 25 Feb 2013 9:40 pm
movingtospore wrote:For foreigners too or have they introduced two tiers?
Foreigners too! Thank God and Tharman for that
-
zzm9980
- Governor
- Posts: 6869
- Joined: Wed, 06 Jul 2011 1:35 pm
- Location: Once more unto the breach
-
Quote
-
0
login to like this post
Post
by zzm9980 » Tue, 26 Feb 2013 10:02 am
And with my newfound lower tax liability, I can go buy the BMW I want! Oh wait, vehicle fees up, cannot la...
-
zzm9980
- Governor
- Posts: 6869
- Joined: Wed, 06 Jul 2011 1:35 pm
- Location: Once more unto the breach
-
Quote
-
0
login to like this post
Post
by zzm9980 » Tue, 26 Feb 2013 10:03 am
Where did you find the calculator? First google hit is an IRAS spreadsheet for 2011, not 2012.
-
therat
- Editor
- Posts: 1011
- Joined: Thu, 04 Sep 2008 2:23 pm
-
Answers: 2
-
Quote
-
0
login to like this post
Post
by therat » Tue, 26 Feb 2013 10:31 am
I think that is the one.
I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?
Last year don't have such statement or requirement.
-
zzm9980
- Governor
- Posts: 6869
- Joined: Wed, 06 Jul 2011 1:35 pm
- Location: Once more unto the breach
-
Quote
-
0
login to like this post
Post
by zzm9980 » Tue, 26 Feb 2013 10:35 am
therat wrote:I think that is the one.
I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?
Last year don't have such statement or requirement.
The only XLS I find says:
YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)
And one more section below for YA2011.
-
Barnsley
- Manager
- Posts: 2319
- Joined: Tue, 10 Jun 2008 5:22 pm
- Location: Pasir Ris
-
Contact:
-
Quote
-
0
login to like this post
Post
by Barnsley » Tue, 26 Feb 2013 10:47 am
zzm9980 wrote:therat wrote:I think that is the one.
I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?
Last year don't have such statement or requirement.
The only XLS I find says:
YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)
And one more section below for YA2011.
Is it the top of the list here you are looking for.
http://www.iras.gov.sg/irasHome/taxcalculators.aspx
Life is short, paddle harder!!
-
Sergei82
- Editor
- Posts: 1456
- Joined: Mon, 02 Nov 2009 9:52 pm
-
Quote
-
0
login to like this post
Post
by Sergei82 » Tue, 26 Feb 2013 10:53 am
You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new
property tax and recent cooling measures. Overall, we're still screwed.
-
Barnsley
- Manager
- Posts: 2319
- Joined: Tue, 10 Jun 2008 5:22 pm
- Location: Pasir Ris
-
Contact:
-
Quote
-
0
login to like this post
Post
by Barnsley » Tue, 26 Feb 2013 12:00 pm
Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new
property tax and recent cooling measures. Overall, we're still screwed.
The rents can only go up if there is demand.
If there is a restriction in the supply of foreign talents will not the demand go down thus rents will come down as landlords seek tenants?
Life is short, paddle harder!!
-
Wd40
- Director
- Posts: 4591
- Joined: Tue, 04 Dec 2012 10:53 am
-
Answers: 1
- Location: SIndiapore
-
Quote
-
0
login to like this post
Post
by Wd40 » Tue, 26 Feb 2013 12:40 pm
Barnsley wrote:zzm9980 wrote:therat wrote:I think that is the one.
I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?
Last year don't have such statement or requirement.
The only XLS I find says:
YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)
And one more section below for YA2011.
Is it the top of the list here you are looking for.
http://www.iras.gov.sg/irasHome/taxcalculators.aspx
Yeah thats the one. Hats off to Singapore's efficiency. The day the new tax structure is announced and the calculators are already updated
-
Wd40
- Director
- Posts: 4591
- Joined: Tue, 04 Dec 2012 10:53 am
-
Answers: 1
- Location: SIndiapore
-
Quote
-
0
login to like this post
Post
by Wd40 » Tue, 26 Feb 2013 12:55 pm
Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new
property tax and recent cooling measures. Overall, we're still screwed.
Yeah! The landlords and real estate agents screwing us is a given. Atleast from the tax front there is some relief.
-
x9200
- Moderator
- Posts: 10073
- Joined: Mon, 07 Sep 2009 4:06 pm
- Location: Singapore
-
Quote
-
0
login to like this post
Post
by x9200 » Tue, 26 Feb 2013 1:05 pm
Barnsley wrote:Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new
property tax and recent cooling measures. Overall, we're still screwed.
The rents can only go up if there is demand.
If there is a restriction in the supply of foreign talents will not the demand go down thus rents will come down as landlords seek tenants?
With the plan of increasing the population using FT (what else) it does not look like the demand will go down. Making condition less favourable for property investment will on the other hand limit the No of properties available for the rental. Conclusion?
-
-
How to budget expat family of 4 with 14k income?
Replies: 18
First post
Hello, I am moving my family to Singapore, and was looking for expats to share their experience and help me budget my life.
We are in mid-30s, our...
Last post
Welcome to Singapore. Hope all works well for you
- 18 Replies
- 8321 Views
-
Last post by JWNYsg
Sun, 29 Oct 2023 10:46 pm
-
-
Income tax and Health insurance
Replies: 2
First post
Hi All
I'm getting contradictory advice on the level of tax payable in Singapore. I'm dealing with a prospective employer who is offering a 2 year...
Last post
Income tax rates here:
You need to be making more than $280,000 per year for a 20 percent marginal rate.
As for insurance, you will probably need...
- 2 Replies
- 2368 Views
-
Last post by Strong Eagle
Tue, 27 Aug 2019 9:32 pm
-
-
Eligibility for Spouse Relief Deduction in Income Tax
Replies: 3
First post
For background, I am a foreigner on EP who got married in October 2020. Got my wife's DP IPA issued in November 2020. However, we only arrived in...
Last post
Yes - it looks to be that way.
- 3 Replies
- 2637 Views
-
Last post by PNGMK
Thu, 04 Mar 2021 2:59 pm
-
-
Donations income tax deductible
Understand donations are tax deductible, under the income tax filing do I just input the amt I hv donated? Do I need to get receipts as proof?
- 0 Replies
- 1665 Views
-
Last post by abbby
Tue, 31 May 2022 1:47 pm
-
-
Income Tax Cutoff Date for ICA
Replies: 3
First post
Imagine an individual wants to apply for PR/Citizenship in 2023.
1. Ideally, when should the person submit the application to ICA to ensure that the...
Last post
Thank you so much for your perspectives!
I think the question is, does any of this even make a difference on PR/SC applications?
It does make...
- 3 Replies
- 1235 Views
-
Last post by mr.green
Tue, 09 Aug 2022 11:57 am
Users browsing this forum: No registered users and 12 guests